Contents:

s "We like this place - what do we do next ?"

s Types of contracts

s What to include on an offer contract

s Contract advice before signing

** Buyer's Checklist for REIQ contracts

s Selecting a solicitor

"We like this place - what do we do next ?"

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When you have found a property that you like, the next step is to start negotiations.

Negotiations in Queensland are normally started with an "offer" to purchase the property.  To make this offer, the agent (or seller if there is no agent) will usually prepare a contract form for the buyers to complete details about the offer, and then sign.

The contract form, once completed and signed, is usually given to the seller for them to either accept the offer (ie by signing), or make a counter-offer.

Sometimes the first offer is accepted.  Other times there might be a whole series of offers and counter-offers.  Negotiations are impossible to predict.

In Queensland (unlike all other States) negotiations are usually made by an "offer" and "acceptance" - and if agreement is reached then this means a contract has been made between the parties.  There are no other negotiation steps - the contract is complete.

Therefore, any "offer" you make must include all the terms you want in a final contract.  See the next heading "What to include on an offer contract".

Types of contracts

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(a) The standard "REIQ" contract

For many years in Queensland, there has been a "standard" contract - which is regularly updated and improved, and has been created with the approval of the Queensland Law Society, and the Real Estate Institute of Queensland.

This contract is known as the "REIQ" contract, and has been drawn to be reasonably fair between buyer and seller (perhaps - a little more in favour of the buyer than the seller).

Most agents use the "REIQ" contract, which can be easily recognised by the REIQ identification on the front.

(b) Other contracts

Sellers and agents are not required to use the standard contract.  Other contracts are used (for example) when the sellers want more rights in their favour.

It is in the buyer's interests to understand what they are signing (as their signature could in due course become a binding contract).  Additional caution is required for any non-standard contract.

What to include on an offer contract

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Buyers most commonly include:

• A "finance approval" condition - so that the buyers can cancel if they do not obtain satisfactory finance approval.

• A "building and pest inspection" condition - so that the buyers can cancel if they conduct a building or pest inspection where the results are not satisfactory.

There is no limit to the other conditions that might be included, and some examples can be found here.

Contract advice before signing

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Many lawyers in Queensland will happily speak to buyers, before they sign contracts, about the terms that are included in the contract.

We at Hains Solicitors will very happily read through a proposed contract, to check that it is in the usual form, and does not contain any unexpected terms.  To take advantage of this offer - please contact us.

Selecting a Solicitor

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Buyers normally select a solicitor at about the time that they sign a contract.  Ideally (see "Contract advice before signing") the Buyer's solicitors will check through an offer contract before it is signed by the buyers.

The majority of legal firms in Queensland will act for buyers and sellers of property.  There are a number of firms who "specialise" in this field - so that they regularly act in these types of matters and are well experienced so that they know what they are doing, and how to do it.  There are also some "discount" firms, who strive to do work as cheaply as possible.

Hains Solicitors is a legal firm with decades of experience, and a real commitment to quality of service - delivered at a very reasonable price (see our fees).

We would very much like the opportunity to work with you.